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The thermoplastic micro molding market share is expected to increase by USD 804.31 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 13.62%.
This thermoplastic micro molding market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers thermoplastic micro molding market segmentation by end-user (medical, electronics, automotive, packaging, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The thermoplastic micro molding market report also offers information on several market vendors, including ACCU Mold LLC, Advanced Plastiform Inc., American Precision Products, EPTAM Precision, Isometric Micro Molding Inc., Makuta Inc., MTD Micro Molding, PRECIKAM Inc., Rapidwerks Inc., Scientific Molding Corp. Ltd., Sovrin Plastics, Springboard Manufacturing, STAMM AG, Star Rapid, Veejay Plastic Injection Molding Co., and Natech Plastics Inc. among others.
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The strong demand from the automotive industry is notably driving the thermoplastic micro molding market growth, although factors such as the increasing disparity between demand and supply may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the thermoplastic micro molding industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Thermoplastic Micro Molding Market Driver
One of the key factors driving growth in the thermoplastic micro molding market is the strong demand from the automotive industry. Thermoplastic micro molding is increasingly used in interior and exterior automotive applications to replace traditional materials, such as metal and other engineering thermoplastics. Thermoplastic micro molding offers various advantages such as UV protection, optimum balance of stiffness, cold temperature impact, and low thermal expansion, making them ideal for automobile applications. Increasing disposable incomes, particularly in emerging nations, are expected to increase demand for vehicles in the automotive sector and increase the number of first-time buyers. The increase in the middle-class population in China, India, Brazil, and South Korea with increasing household earnings is expected to drive the growth of the automotive industry, which, in turn, will drive the growth of the global thermoplastic micro molding market.
Key Thermoplastic Micro Molding Market Trend
The increasing opportunities in APAC is a thermoplastic micro molding market trend that is expected to have a positive impact in the coming years. In the automotive industry, thermoplastic micro molding is used in various automotive components such as doors and acoustic panels, instrument panels, anti-vibration panels, seats, and airbags. The growth of the automotive industry in APAC is expected to drive the demand for thermoplastic micro molding. APAC is likely to register the highest growth in the thermoplastic micro molding market during the forecast period due to the rapidly increasing population and rising purchasing power of individuals. The substantial incentives for the assembly and sales of small and fuel-efficient passenger vehicles propel the automotive industry in Indonesia, Thailand, and Malaysia. Thus, increasing opportunities in APAC will positively impact the growth of the global thermoplastic micro molding market.
Key Thermoplastic Micro Molding Market Challenge
The increasing disparity between demand and supply will be a major challenge for the thermoplastic micro molding market during the forecast period. The global thermoplastic micro molding market witnessed drastic disparities between the demand for and supply of thermoplastic micro molding products in 2020. The rapidly expanding middle-class population in Latin America led to an increased demand for thermoplastic micro molding in the region, which accounts for more than 6.8 million metric tons. Countries such as India and China are expected to add to the global deficit concerning the demand and supply of thermoplastic micro molding in the coming years. The insufficient production of thermoplastic micro molding is expected to continue during the forecast period due to the lack of future capacity expansion of thermoplastic micro molding. Such factors are expected to negatively impact the growth of the market in focus.
This thermoplastic micro molding market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global thermoplastic micro molding market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the thermoplastic micro molding market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the thermoplastic micro molding market encompasses successful business strategies deployed by the key vendors. The thermoplastic micro molding market is fragmented and the vendors are deploying growth strategies such as focusing on innovations to compete in the market.
accu-mold.com - The company offers thermoplastic micro molding which is designed for applications like diffractive optics and microlenses.
accu-mold.com - Under the unified segment, the company is involved in offering to manufacture small and microinjection molded components which serve the markets of microelectronics, automotive electronics, medical micro molding, and many more.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The thermoplastic micro molding market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the thermoplastic micro molding market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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44% of the market’s growth will originate from APAC during the forecast period. China, South Korea, and Japan are the key markets for thermoplastic micro molding in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The major end-user industries in the thermoplastic micro molding market, such as automotive, medical, and electronics, have been witnessing growth in APAC owing to the significant economic growth of the region. This will facilitate the thermoplastic micro molding market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 hampered the demand for thermoplastic micro molding from the consumer goods and manufacturing industries in APAC. In March 2020, India imposed a complete lockdown to prevent the community spread of the disease. All manufacturing industries were adversely affected, as their production units were either shut down or halted operations temporarily. However, in 2021, with the initiation of COVID-19 vaccination drives, industries such as electronics and automotive resumed operations, which, in turn, is expected to drive the growth of the thermoplastic micro molding market during the forecast period.
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The thermoplastic micro molding market share growth by the medical segment will be significant during the forecast period. The global medical device market has been growing at a significant rate during the past few years, with increasing R&D expenditure by manufacturers to differentiate their products. Although earlier, the R&D activities in the medical industry were concentrated in developed regions such as North America and Europe, they are gaining prominence in emerging economies, particularly APAC, due to the growth in medical tourism.
This report provides an accurate prediction of the contribution of all the segments to the growth of the thermoplastic micro molding market size and actionable market insights on post COVID-19 impact on each segment.
Thermoplastic Micro Molding Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.62% |
Market growth 2022-2026 |
$ 804.31 million |
Market structure |
Fragmented |
YoY growth (%) |
13.2 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key consumer countries |
US, China, Japan, South Korea, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ACCU Mold LLC, Advanced Plastiform Inc., American Precision Products, EPTAM Precision, Isometric Micro Molding Inc., Makuta Inc., MTD Micro Molding, PRECIKAM Inc., Rapidwerks Inc., Scientific Molding Corp. Ltd., Sovrin Plastics, Springboard Manufacturing, STAMM AG, Star Rapid, Veejay Plastic Injection Molding Co., and Natech Plastics Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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